Rooms 2 Let offer a no deposit , deposit alternative scheme called Reposit.
Important information for Tenants
Reposit is not a deposit. By purchasing a Reposit, you are paying a service charge equal to one weeks worth of rent to allow you not to pay a deposit and for your Landlord to be added to the Reposit Insurance Policy.
A portion of your fee will be used by Reposit as a premium to add your landlord to our insurance policy.
The Reposit service charge is non-refundable and cannot be off-set at end of tenancy.
You are not a beneficiary of the policy, and as such have no rights to claim or cancel the policy.
As a tenant, you are still fully responsible in keeping the Landlord’s property in a good condition and paying rent in a timely manner. If you do not, you will be expected to fully reimburse for any fair damage or financial loss the Landlord may experience at end of tenancy. If you default on these liabilities this could impact your credit history.
As a tenant, it is always your choice whether you rent a property by using Reposit or a 6 week security deposit to be protected in a deposit scheme.
The initial Reposit service charge is valid for a 12 month period. If you continue your tenancy beyond 12 months, you will be charged an additional £30 admin charge every 12 months.
At end of tenancy, your Landlord may claim on the Reposit. It is your right to either agree or dispute their claim and Reposit will act as an impartial mediation platform.
If you decide to dispute a claim, an independent arbiter will assess and award monies based on factual evidence presented both from the Landlord and Tenant. If the arbiter rules wholly in favour of the Landlord a £120.00 admin charge will be added to the balance you owe. This is designed to disincentivise unscrupulous disputes from tenants, given the lack of deposit in place.
Find out more about the scheme